Bachelor
2021/2022
Auditing and Assurance
Type:
Elective course (HSE University and University of London Double Degree Programme in Economics)
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
4 year, 1-4 module
Mode of studies:
distance learning
Online hours:
24
Open to:
students of one campus
Language:
English
ECTS credits:
10
Contact hours:
112
Course Syllabus
Abstract
This course introduces students to the principles of external auditing and other assurance services. Both theoretical and practical aspects of the audit process will be considered including recent developments in the organisation of the profession, the regulatory framework governing practitioners and factors affecting the future evolution of the practice of auditing and other assurance services.
Basic prerequisite for the students: AC 1025 Principles of Accounting
Learning Objectives
- to introduce students to the principles of external auditing and other assurance services
- to provide students with an understanding of the nature of the function of auditing and other assurance services and the principles of the related processes
- Learning Outcomes By the end of the course and having completed the Essential reading and activities, students should be able to: • explain why external audits and other types of assurance services are conducted • explain the meaning of concepts that are fundamental to auditing and assurance services, such as ‘independence’, ‘audit evidence’, ‘audit risk’, ‘materiality’ • describe, in general terms, the processes involved in auditing and other assurance services • distinguish between compliance and substantive testing and describe various audit tests • discuss the form, content and importance of auditors’ reports provided at the end of the audit or assurance service • discuss the duties of auditors and other assurance providers, how these have changed over time • discuss the issue of legal liability arising from audits and other assurance services • discuss current developments in auditing and other assurance services.
Expected Learning Outcomes
- describe, in general terms, the processes involved in auditing and other assurance services
- discuss current developments in auditing and other assurance services
- discuss the duties of auditors and other assurance providers, how these have changed over time
- discuss the form, content and importance of auditors’ reports provided at the end of the audit or assurance service
- discuss the issue of legal liability arising from audits and other assurance services
- distinguish between compliance and substantive testing and describe various audit tests
- explain the meaning of concepts that are fundamental to auditing and assurance services, such as ‘independence’, ‘audit evidence’, ‘audit risk’, ‘materiality’
- explain why external audits and other types of assurance services are conducted
Course Contents
- 1. Reasons for auditing
- 2. Postulates and concepts of auditing
- 3. Audit reporting. Assurance engagements
- 4. Audit evidence
- 5. Audit planning
- 6. Risk and materiality
- 7. Internal controls
- 8. Compliance testing
- 9. Internal audit
- 10.Fraud and going concern
- 11.Substantive testing: income statement and financial position
- 12.Sampling
- 13.Computer assisted audit tecniques
- 14.Completion and review
- 15.Corporate governance
- 16.Audit committees, corporate responsibility
- 17.Audit regulation and auditors’ liability
- 18.Auditors’ duties and responsibilities
- 19.Audit engagements: staffing, documentation, quality control
- 20.Criticism and developments in audit, audit society, future of audit
Assessment Elements
- home assignments
- classwork
- Interim test
- Exam
- UoL examUoL exam is not included in the overall course grade.
- Interim examOnline format.
Interim Assessment
- 2021/2022 2nd moduleFor final grade determination see module 4.
- 2021/2022 4th module0.2 * home assignments + 0.2 * Interim exam + 0.15 * classwork + 0.35 * Exam + 0.1 * Interim test
Bibliography
Recommended Core Bibliography
- Principles of external auditing, Porter, B., 2014
- The audit process : principles, practice and cases, Gray, I., 2015
Recommended Additional Bibliography
- Turley, S., & Sherer, M. (1997). Current Issues in Auditing : SAGE Publications (Vol. Third edition). London: SAGE Publications Ltd. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=716896